Predictions abound: Microsoft can raise its $31 per share bid, stand firm, go hostile, or even lower the bid in the wake of Yahoo's relatively poor quarterly financial results. Yahoo can do any number of things, many of which include shooting themselves in the foot.

The consensus amongst most analysts is still that Microsoft simply cannot afford to let Yahoo just walk away from this one, and that it's a matter of time until Ballmer announces a proxy fight to replace Yahoo's current board of directors with Microhoo-friendly ones. A tender offer is also a possibility, but Yahoo has ways to thwart this one, whereas a proxy fight is easier for Microsoft to win.

Whatever happens, one thing is fairly certain: it will go down really soon, probably today, and we'll be here to cover it. Stay tuned.

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